FHA & VA Loan Calculator
Your Estimated Loan Breakdown
Upfront Fee
Total Loan Amount
Total Monthly Payment
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| Monthly Mortgage Insurance | |
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The Path to Homeownership for More Americans
For many, saving a 20% down payment is the biggest barrier to buying a home. Government-backed loans from the **Federal Housing Administration (FHA)** and the **Department of Veterans Affairs (VA)** were created to lower this barrier. These programs offer more flexible credit requirements and significantly lower down payment options, opening the door to homeownership for millions.
However, these benefits come with unique costs—FHA has **Mortgage Insurance Premium (MIP)**, and VA has a **Funding Fee**. A standard mortgage calculator won't account for these, giving you an inaccurate payment estimate. This specialized calculator correctly applies these fees, showing you the true total loan amount and a reliable monthly payment so you can plan your budget with confidence.
Complete Your Home Buying Picture
- Home Affordability Calculator: Start here to find out how much house you can afford on your income.
- Conventional Mortgage Calculator: Compare your FHA/VA loan estimate against a traditional loan.
- Down Payment Calculator: See how different down payment amounts impact your loan and PMI status.
Frequently Asked Questions (FAQ)
What is FHA Mortgage Insurance Premium (MIP)?
FHA loans require two types of MIP. An Upfront MIP (UFMIP) of 1.75% of the base loan amount is typically financed into the loan. An annual MIP is also paid monthly for either 11 years or the life of the loan, depending on your down payment size and loan term.
What is the VA Funding Fee and who is exempt?
The VA Funding Fee is a one-time fee that helps sustain the VA loan program for future generations. The fee percentage depends on your service type, down payment amount, and whether it's your first time using the benefit. Veterans receiving VA disability compensation, Purple Heart recipients, and certain surviving spouses are typically exempt from paying the fee.
Which loan is better, FHA or VA?
If you are an eligible veteran or service member, a VA loan is almost always the superior option. It offers a 0% down payment option and, most importantly, has no recurring monthly mortgage insurance, which can save you hundreds of dollars each month compared to an FHA loan.